H&R Block Files 2024 Annual Report

Ticker: HRB · Form: 10-K · Filed: Aug 15, 2024 · CIK: 12659

Sentiment: neutral

Topics: annual-report, financials, sec-filing

Related Tickers: TAX

TL;DR

HRB filed its 2024 10-K, all good on reporting requirements. Check financials for details.

AI Summary

H&R Block, Inc. filed its annual report for the fiscal year ended June 30, 2024. The company, registered under file number 1-06089, is headquartered in Kansas City, Missouri, and its common stock trades on the New York Stock Exchange under the ticker HRB. The filing confirms H&R Block has met all reporting requirements for the preceding 12 months and the past 90 days.

Why It Matters

This 10-K filing provides a comprehensive overview of H&R Block's financial performance and operational status for the fiscal year 2024, crucial for investors assessing the company's health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Players & Entities

FAQ

What is the fiscal year end date for this 10-K filing?

The fiscal year end date for this 10-K filing is June 30, 2024.

What is H&R Block's commission file number?

H&R Block's commission file number is 1-06089.

On which exchange is H&R Block's common stock traded?

H&R Block's common stock is traded on the New York Stock Exchange.

What is the trading symbol for H&R Block's common stock?

The trading symbol for H&R Block's common stock is HRB.

Has H&R Block filed all required reports for the preceding 12 months?

Yes, the filing indicates that H&R Block has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,620 words · 18 min read · ~15 pages · Grade level 11.2 · Accepted 2024-08-15 16:47:24

Key Financial Figures

Filing Documents

BUSINESS

BUSINESS 2 ITEM 1A.

RISK FACTORS

RISK FACTORS 8 ITEM 1B. UNRESOLVED STAFF COMMENTS 20 ITEM 1C. CYBERSECURITY 20 ITEM 2.

PROPERTIES

PROPERTIES 21 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 22 ITEM 4. MINE SAFETY DISCLOSURES 22 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 22 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 23 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 34 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 61 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 61 ITEM 9B. OTHER INFORMATION 62 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 62 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 62 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 63 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 63 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 63 PART IV ITEM 15. EXHIBIT INDEX 64

SIGNATURES

SIGNATURES 67 INTRODUCTION "H&R Block," "the Company," "we," "our" and "us" are used interchangeably to refer to H&R Block, Inc., to H&R Block, Inc. and its subsidiaries, or to H&R Block, Inc.'s operating subsidiaries, as appropriate to the context. Specified portions of our proxy statement are "incorporated by reference" in response to certain items. Our proxy statement will be made available to shareholders no later than 120 days after June 30, 2024, and will also be available on our website at www.hrblock.com .

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report and other documents filed with the Securities and Exchange Commission (SEC) may contain forward-looking statements. In addition, our senior management may make forward-looking statements orally to analysts, investors, the media and others. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "commits," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "could," "may" or other similar expressions. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. They may include estimates of revenues, client trajectory, income, effective tax rate, earnings per share, cost savings, capital expenditures, dividends, share repurchases, liquidity, capital structure, market share, industry volumes or other financial items, descriptions of management's plans or objectives for future operations, services or products, or descriptions of assumptions underlying any of the above. They may also include the expected impact of external events beyond the Company's control, such as outbreaks of infectious disease, severe weather events, natural or manmade disasters, or changes in the regulatory environment in which we operate. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made and reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes

BUSINESS

ITEM 1. BUSINESS OVERVIEW H&R Block provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small business solutions. We blend digital innovation with human expertise and care to help people get the best outcome at tax time and also be better with money by using our mobile banking app, Spruce. Through Block Advisors and Wave, we help small-business owners thrive with year-round bookkeeping, payroll, advisory and payment processing solutions. H&R Block, Inc. was organized as a corporation in 1955 under the laws of the State of Missouri. A complete list of our subsidiaries as of June 30, 2024 can be found in Exhibit 21 . During fiscal year 2024, we prepared 11.4 million U.S. assisted tax returns (1) and our clients filed 3.8 million DIY online paid tax returns (1) which contributed to our consolidated revenues of $3.6 billion, net income from continuing operations of $598.0 million, EBITDA (2) from continuing operations of $963.2 million, and diluted EPS from continuing operations of $4.14 per share. We repurchased 8.0 million shares of our common stock, and declared dividends of $1.28 per share, which was an increase of $0.12, or 10.3%, per share from the prior year. (1) U.S. assisted tax returns prepared includes tax returns prepared in U.S. company-owned and franchise operations, including virtual returns. An assisted tax return is defined as a current or prior year individual or business tax return that has been accepted by the client. A DIY online paid return is defined as a current year individual or business tax return that has been accepted by the client. (2) See " Non-GAAP Financial Information " in Item 7 for a reconciliation of non-GAAP measures. 2 2024 Form 10-K | H&R Block, Inc. FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS We provide assisted and do-it-yourself (DIY) tax preparation solutions through multiple channels (includin

RISK FACTORS

ITEM 1A. RISK FACTORS Our business activities expose us to a variety of risks. Identification, monitoring, and management of these risks are essential to the success of our operations and the financial soundness of H&R Block. Senior management and the Board of Directors, acting as a whole and through its committees, take an active role in our risk management process and have delegated certain activities related to the oversight of risk management to the Company's enterprise risk management (ERM) team and the Enterprise Risk Committee, which is comprised of Vice Presidents of major business and control functions and members of the E

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